Naturgy broke its own profit record, increasing earnings by 20% in 2023.
Naturgy made a net profit of €1.986 million in 2023, representing an increase of 20.4% compared to the historical profit of €1.649 million compared to the previous year. Thus, the company reaches a new level profit record despite the decline energy prices following an outstanding 2022. “Yes, this is one of the company’s best results. And we are not going to hide from this,” admitted the president of Naturgy, Francisco Reinesat a press conference.
Net debt remained at 12.090 million euros.which corresponds to 12,070 million in the previous year, despite increased investment in 2.944 million euros (53% more than in 2022), aimed mainly at renewables and grids. Having a liquidity cushion 9.2 billionReines said the company is “attentive” to everyone investment opportunity “inside or outside Spain”, but always under the auspices of “financial disciplineHe chose not to comment on possible sales.
With a total installed renewable energy capacity of 6.5 GW, the utility forecasts growth of clean energy will accelerate in the coming years with the commissioning up to 1.2 GW and 2.3 GW of additional capacity in 2024 and 2025, respectively. About the possibility of admission partner Regarding renewable energy projects, Reines noted that “the time is not right,” but also that “no company can say no to anything.”
During the meeting, he also confirmed that the company continues without considering the possibility of returning to Catalonia, regarding an agreement between PSOE and Junts to facilitate the return of companies to this community. “There was no more talk about the headquarters,” were his words. the first gas and the third electric Spain moved its headquarters to Madrid in October 2017, a few days after the 1-0 referendum, and for now it has not been seen again public interest upon his return.
Project “Twins”
The energy company’s gross operating result (Ebitda) reached €5.475 million in 2023, an increase of 10.5%. From this figure 2.638 million euros7.2% more than a year ago, consistent with business distribution networks, which is regulated and therefore more stable than a district liberalized (energy markets), which added 2.949 million, 15.4% more than a year ago. In this case, the impetus is given by coverage in favor of gas sales, thermal generation, like last year, more renewable generation and higher marketing margins.
On split in two companies announced in February 2020 under the name “Geminis”, Reines confirmed that still makes “complete sense” but still “conditions are not met so that it can be realized.” The project was paralyzed instability caused by the war in Ukraine in the energy sector, as the company justified at the time.
Price reduction
The company ended the day this Tuesday at 22.32 euros per sharewhich is below the €23 per share offered by Australian fund IFM in a partial takeover bid announced in January 2021. The President of Naturgy explained this low rating before the mid-month announcement of the company’s departure from MSCI Index, a guide for institutional investors and numerous investment funds. The exception will take effect from February 29 and until then, Reines believes that this downward trend will continue, caused by the “duty” of many investors will sell.
The reason he left MSCI is because he has certain levels floating capital on the stock market is below the required minimum, as explained by Reines. An energy company has barely 13% of its capital publicly listed on the stock market, given that between Kaisha (26.7%), GUI (20.6%), KVK (20.7%), IF M (15%) and Sonatrach (4.1%) are more than 87%. Regarding Blackrock’s entry into Naturgy, after the fund’s purchase of GIP Larry Finkexcluded that it was his responsibility to give any assessment.
Dividends
Naturgy will call him shareholders meeting April 2and proposes payment of additional dividends in the amount of 0.40 euros per sharewhich corresponds to the 1.40 euros per title set for this year.